The valve disclosed herein is known as a freefill and exhaust valve designed to afford fast approach and return speeds of main rams of high speed presses and similar machines. The valve may be used for any or all of the basic functions of large volume hydraulic presses at low pressure to allow fluid to flow into the ram cylinder while the ram is being advanced or returned by gravity, or by some other means. The valve can also be used to dissipate the pressure energy in the press at a controlled rate and to rapidly exhaust hydraulic fluid in the ram cylinder back to the tank after decompression. The press ram creates a vacuum as the ram moves downward on its approach stroke causing the valve to open due to pressure differential and permit hydraulic fluid to flow from the reservoir into the main cylinder. When the pressure in the main cylinder builds up, the pressure in the cylinder or removal of pilot pressure cause the valve to close. To open the valve, in order for the hydraulic fluid to be exhausted from the main cylinder and return to the tank, an auxiliary force is provided. A pilot supply of hydraulic fluid from the main return line passes through a connecting block in the valve assembly and acts upon a valve operating piston to decompress and open the main valve after decompression. This permits hydraulic fluid to exhaust from the main ram cylinder to the tank. The spring pressure holds the main valve closed upon its seat when it is not otherwise actuated. The valve illustrated could be used with any suitable liquid or gas.